31 March 2010 13:36 [Source: ICIS news]
(Revised with added quotes from AkzoNobel and Tikkurila.)
SINGAPORE (ICIS news)--China, powered by its high economic growth and heavy infrastructure investments, could soon become the world’s largest producer and consumer of paints and coatings, consultancy firm Frost & Sullivan (F&S) said on Wednesday.
In a web-based presentation, F&S said that the Chinese paints and coatings market grew by around 10% last year due to increased domestic consumption, despite the global economic downturn.
“With a total production volume of 7.5m tonnes in 2009, China is primed for the top placing in world coating production and consumption,” said F&S.
In 2008, ?xml:namespace>
In contrast to
“The industry in 2009 witnessed a continued slowdown, particularly in the first two quarters of the year…[with] a rebound in late 2009,” she said, adding that major consumer countries such as
Senathirajah said that the Asia-Pacific region would continue to grow in the next two years due to a combination of strong economic expansion and mergers and acquisition (M&A) activities.
Netherlands-based specialty chemicals company AkzoNobel has had a presence in
“As the economic reform of
“Obviously, we have been here for decades because we see the potential,” said Tan.
Markku Immonen, group vice president of business development with responsibility for operations in
Immonen said Tikkurila was building its operations in
“[Tikkurila's] range for the Chinese market includes mainly high-end products; the competition on the medium and low-end market is very fierce,” he said.
($1 = €0.75)
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